We are very pleased to confirm that in January 2022 Johnson Tucker LLP sold Westgate House; a 38 bed residential investment in Newcastle city centre, on behalf of Tyneside Group.
The property fronting Westgate Road comprises 4 mid-terraced 4-storey buildings, constructed c.1900. The properties contain 7 HMO compliant flats with a total of 38 bedrooms. The 4 buildings provide a total floor area of approximately 904 sq m / 9,731 sq ft entirely let to students generating a gross rental income of approximately £180,000.
Newcastle is home to two leading universities; the University of Newcastle is a member of the Russell Group (a leading group of 24 of the country’s most highly regarded universities) attracting approximately 18,000 students from 100 countries. Northumbria University also has a city centre campus and attracts approximately 33,000 students from over 125 countries. Both universities have extended their city centre campuses in recent years.
In addition, the property is located immediately to the front of Newcastle Helix, comprising a 24-acre city-centre site & former location of Newcastle Brewery. The site was purchased by the Science City consortium, and cleared for development. The masterplan shows the site being developed into, effectively, a combination of a Science Park, an inner-city ecovillage, and an urban regeneration project.
It will house university buildings concentrating on the challenge of sustainability, a state-of-the-art sustainable housing development, an energy centre, and a mixed development allowing for co-location of researchers with companies working within the business of sustainability.
A current high-profile sustainability project on the site is the drilling of a 2km-deep borehole to tap geothermal energy. The first building on the Science Central complex was the Newcastle University Business School, a £29m development which was taken into use in August 2011. Following that was a Gateway Building, to house incubation facilities and CPD activities.
Newcastle Helix now incorporates a number of state of the art, flagship offices, lecture theatres and laboratory space including The Biosphere, The Lumen, Newcastle University Urban Sciences Building, The Frederick Douglas Centre, The Spark as well as the UK National Innovation Centres for Ageing and Data.
More information can be found here: https://newcastlehelix.com/about
Daniel Capobasso, Partner & Investment Agent at Johnson Tucker LLP commented on the sale; “The city centre location, directly across from Newcastle Helix, means that the development works for both; students wanting a premium living experience and young professionals looking for an exciting city base.”
If you would like more information on this investment sale or any other investments listed on our website please contact Daniel Capobasso on 0191 269 7897 / 07968618948 or email email@example.com. Please feel free to subscribe to our investment property mailing list to receive the latest investment opportunities too.